💸 The Debt Diaries: July 2018
This month in money, mess, and progress... we kept hustling through the chaos. July brought some wins, a few slip-ups, and a reality check (or two — thanks, daily interest!). It wasn't our most impressive month on paper, but it was a month of learning and redirection. Let's dig into where the money went — and what it taught us along the way.
💳 Debt Overview
Personal Loan
Starting Balance: $14,668.69
Payment: –$250.00
Interest: +$198.95
Ending Balance: $14,617.64
Debt Reduced: –$51.05
Visa Card
Starting Balance: $673.72
Payment: –$150.00
Interest: +$6.62
Expenditures: +$19.43
Ending Balance: $549.77
Debt Reduced: –$123.95
My Jeep
Starting Balance: $4,953.97
Payment: –$233.79
Interest: +$16.15
Ending Balance: $4,736.33
Debt Reduced: –$217.64
Jerry's Jeep
Starting Balance: $5,713.13
Payment: –$171.26
Interest: +$53.33
Ending Balance: $5,595.20
Debt Reduced: –$117.93
Mortgage
Starting Balance: $73,884.78
Payment: –$796.56
Interest/Escrow: +$676.52
Ending Balance: $73,764.74
Debt Reduced: –$120.04
Student Loans
Starting Balance: $50,886.50
Payment: –$400.92
Interest: +$257.25
Ending Balance: $50,742.83
Debt Reduced: –$143.67
📊 Grand Total Snapshot
Current Total: $150,006.51
💸 Where the Payments Went (Interest vs. Principal)
Total We Paid: $2,002.53
Went to Interest: $1,255.25
Went to Principal (Actual Debt Reduction): $774.28
That means only 38.6% of our payments went toward reducing the actual balance. (Our best month was 40%, so… not our proudest moment.)
✅ Wins This Month
- Canceled our $83/month gym membership
- Made payments on all accounts
- No missed due dates
⚠️ What I Struggled With
- Bought pizza and used the Visa (again)
- High daily interest on personal loan
💭 Real Talk
July was just expensive. Jerry had some great OT, but we needed new glasses, a car seat, and a baby swing. All necessary — but oof, the budget felt it.
The personal loan is becoming my arch nemesis. It’s got 13.95% interest, charged DAILY. Even after a $250 payment, the balance only dropped by $51. I called the bank and they confirmed: over $5 per day in interest. Rude. BUT — it lit a fire under me. We’re now focused on knocking out the Visa so we can attack that loan harder.
Looking ahead: we’re switching gears for August and September. I’ll be on maternity leave soon, so we’re padding savings instead of throwing big money at debt. Progress may slow, but updates will keep coming.
Catch you in next month’s round-up. Until then — stay scrappy, stay focused, and let’s keep slaying the debt dragon. 🐉
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